Don’t Get Goxxed – Bitfinex, Bittrex & Coinbase

Welcome to The Paradise Paradox – the lesson for today is don't get Goxxed There's a lot of problems with digital currency exchanges these days and you need to be aware, you need to stay on the ball, know what's happening

And in general don't leave money on digital currency exchanges So I've noticed a few problems lately especially with Bitfinex But also with Bittrex and I've been reading that has problems with Coinbase They say it's due to the increased volume but some of these problems may be pointing to greater underlying problems With Bitfinex yesterday i attempted to make a couple of withdrawals with IOTA and Bitcoin And they just didn't process after about twenty hours I noticed on the site it used to say It should take under twelve hours and now it says, it should take and twelve hours and maybe sometimes twenty four hours

Just to begin with that's obviously a really long time for a technology that should process payments in ten minutes or less so that's something worrying – then there's also the changes that Bitfinex has made today – so if you make a deposit of less than $1000 they're going to charge you For the privilege I'm not sure on all of the fees but for Dash it was about seven dollars – 001 Dash They also have minimum withdrawals which is problem because If you have less than $250 or $350 of currency You just can't get it apparently or at least its it's more difficult to get it Those are worrying things and it makes me wonder if they have liquidity problems beyond these problems with a lot of extra transactions maybe it's not so easy for them to get money and that's why they implement these fees in a hurry To save face and get out of the hole I don't know – I'm not making any allegations but you need to be aware of this because with Mt

Gox In 2013, the exchange stopped processing withdrawals People were waiting for months trying to get the Bitcoin out of there and eventually it all caved Another thing is rumour that i've been hearing and I'm not sure of the full story yet – I need to do more research With Tether this currency that's pegged to the US dollar The official story is it's backed one to one by US dollars The rumor is it's not backed it and this could be the reason Bitcoin has been increasing the last few months Tether is apparently created by Bitfinex and that means It could echo the story again with MtGox because what happened about a year after Mt

Gox went down, it came out that there were bots on the site manipulating the price and we saw it go up a lot because of that Bittrex as well having problems, so few months ago a suspended a lot of accounts on the site came out that a lot of them were people Middle eastern origin so they're targeting these national groups It was unusual because when I looked at the official release about it from Bittrex, what they said was They suspended these accounts because they were undercharged, so it wasn't the customers fault – it was their fault, but somehow the customer has to pay for it Which is very unusual – obviously that's not really a sound business practice So I'm very wary of Bittrex I'm cautiously using Binance at the moment but I have questions about Binance – the user interface isn't that great and it makes me wonder how they manage the exchange The important take away is you gotta be careful Even with these exchanges – maybe you used one just a few weeks ago or even a few days ago Maybe you want to test the waters before you make a large transactions

Put $10 or $100 on there and test a little transaction before you go putting $100s or $1000s of dollars on there Possibly getting Goxxed, possibly ending up not being able to withdraw your money That is a risk in this business Protect yourself Protect your neck, protect your finances That's important – nobody else is going to look out for you

Except by giving you some advice like this So I hope that helps Be careful watch out for those risk and take care of yourself Money is something special, representative of hours worked and it is something – I might even say it's something holy – that is, it deserves reverence and proper attention, so be careful Thanks so much for listening, have a great day

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